Hyundai, Kia Sign Licensing Agreement with Paice

Dec. 14, 2015

Dec. 14, 2015—Paice, a hybrid electric vehicle technology company, announced on Saturday that it has reached an agreement to license all of its hybrid vehicle technology to Hyundai Motor Co. and Kia Motor Corp.

“We are gratified to reach a licensing agreement with Hyundai and Kia, who are among the undisputed leaders in the hybrid industry. This agreement further validates the importance of our technology, and we hope to reach additional agreements with other major automakers,” said Frances Keenan, chairman of the Paice board of directors.

The confidential licensing agreement brings an end to all litigation between the companies. Paice and the Abell Foundation, a non-profit organization that invested in Pacie, filed a patent infringement lawsuit against Hyundai and Kia in 2012.  After a trial earlier this year, the jury sided with Paice, awarding $28.9 million.

Currently, Hyundai and Kia rank third in U.S. hybrid car sales.

Sponsored Recommendations

How one auto shop was able to order 20% more parts

Learn how one auto shop talks about the benefit of using PartsTech in their shop.

Vehicle Inspection Checklist For Auto Shops

Vehicle inspections, whether digital or on paper, are crucial for auto shops, ensuring thorough assessments and fostering trust by transparently revealing a vehicle's condition...

6 Reasons Why A Digital Vehicle Inspection Is A Must-Have

In an era of growing technology and innovation, auto repair shops must keep pace with the latest advancements to meet customers preferences and remain competitive.

How Your Auto Shop Can Now Connect To 30 Tire Suppliers For Free

Yep! We have over 50 tire suppliers in our network. And PartsTech is the only platform where you can access more than 30 of those suppliers FREE OF CHARGE.